Bullish IPO nets $1.1b, joining Circle, eToro in crypto’s public surge

Bullish joins Circle and eToro in a growing list of crypto firms commanding billion-dollar valuations on traditional exchanges. With shares priced at $37, above the expected range, the NYSE debut signals that institutional capital is doubling down on digital assets.

According to a Bloomberg report on August 13, crypto exchange Bullish priced its IPO at $37 per share, beating initial expectations of $32–$33 and securing a $5.4 billion valuation. The offering was underwritten by TradFi giants including JPMorgan, Jefferies, and Citigroup.

The upsized deal, which included 30 million shares instead of the planned 20.3 million, raised $1.1 billion. Demand was anchored by heavyweights such as BlackRock and Cathie Wood’s Ark Investment Management, which acquired up to $200 million worth of shares.

The NYSE listing, set to trade under ticker BLSH, marks a redemption arc for Bullish after its 2022 SPAC collapse. This time, the company is backed by PayPal co-founder Peter Thiel and led by former NYSE president Tom Farley.

The crypto IPO wave

Bullish’s IPO follows a string of high-profile crypto listings, each underscoring the sector’s growing appeal to traditional investors. Stablecoin issuer Circle set the tone in June with a $1.2 billion offering, after which its shares surged 500%, defying skeptics who questioned whether stablecoins could command such valuations.

Meanwhile, eToro’s May IPO, valuing the trading platform at $5.4 billion, proved that retail-focused crypto companies can find success in public markets, even as its stock later declined on normalized trading volumes.

Can Bullish deliver? The $1.25 trillion question

With $1.25 trillion in lifetime trading volume and ownership of CoinDesk, Bullish has the infrastructure to justify its $5.4 billion valuation. But matching Circle’s post-IPO surge—or avoiding eToro’s post-debut volatility, will be a challenge.

The exchange’s hybrid model, blending centralized security with DeFi protocols, appeals to institutions cautious about purely decentralized platforms. Still, it faces strong competition from Coinbase, Kraken, and a growing lineup of public crypto firms such as BitGo and Gemini, each pursuing their own public market strategy.

If Bullish sustains momentum post-listing, it could cement the role of digital asset firms as mainstream Wall Street players. But if it stumbles, skeptics will question whether the current IPO wave is fueled by lasting demand or short-lived hype. One thing is clear: with Circle thriving, eToro adapting, and Bullish now in the mix, crypto’s era of public market legitimacy is firmly underway.